Mumbai: Indian state-run lender Bank of Maharashtra has agreed to offer vehicle finance services to customers of the country's largest utility vehicles maker Mahindra & Mahindra Ltd (M&M).
A preferred financier agreement to this effect has been inked between the two parties.
"Customers of BoM (Bank of Maharashtra) will benefit from this tie-up since they will have privileged access to the specialized services of M&M.; BoM is coming out with an attractive package for purchasers of M&M vehicles," Sanjay Arya, general manager of Bank of Maharashtra, said in a statement.
Under the agreement, M&M's customers can avail the service from any of the state-run lender's 1,589 branches across India.
Earlier last month, Bank of Maharashtra announced a reduction in its base rate -- the benchmark for pricing all loans -- by 10 basis points to 10.50% per annum with effect from May 1, 2012, following the Reserve Bank of India's decision to slash the key policy rate by a higher-than-expected 50 basis points.
Shares of Bank of Maharashtra Thursday were trading at Rs 53.2 on the Bombay Stock Exchange (BSE), down 1.12% from the previous close.